Prudential Financial Inc. Has $724,000 Position in Sprint Corp (S)

Prudential Financial Inc. Has $724,000 Position in Sprint Corp (S)

Prudential Financial Inc. reduced its stake in shares of Sprint Corp (NYSE:S) by 92.2% during the third quarter, Holdings Channel reports. The fund owned 109,120 shares of the cell phone carrier’s stock after selling 1,294,969 shares during the period. Prudential Financial Inc.’s holdings in Sprint Corp were worth $724,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the stock. Highland Capital Management LLC purchased a new stake in Sprint Corp during the third quarter worth about $121,000. Private Bank & Trust Co. increased its stake in Sprint Corp by 80.4% in the third quarter. Private Bank & Trust Co. now owns 18,515 shares of the cell phone carrier’s stock worth $123,000 after buying an additional 8,250 shares during the period. Ronald Blue & Co. LLC purchased a new stake in Sprint Corp during the third quarter worth about $132,000. Metropolitan Life Insurance Co. NY increased its stake in Sprint Corp by 3.5% in the second quarter. Metropolitan Life Insurance Co. NY now owns 22,411 shares of the cell phone carrier’s stock worth $102,000 after buying an additional 758 shares during the period. Finally, Amalgamated Bank increased its stake in Sprint Corp by 6.2% in the second quarter. Amalgamated Bank now owns 23,002 shares of the cell phone carrier’s stock worth $140,000 after buying an additional 1,343 shares during the period. Hedge funds and other institutional investors own 14.61% of the company’s stock.

Sprint Corp (NYSE:S) opened at 9.22 on Friday. The firm’s 50-day moving average price is $8.68 and its 200-day moving average price is $7.03. Sprint Corp has a 52 week low of $2.45 and a 52 week high of $9.48. The company’s market capitalization is $36.71 billion.

Several brokerages have recently weighed in on S. FBR & Co upped their target price on Sprint Corp from $7.00 to $8.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 19th. Zacks Investment Research downgraded Sprint Corp from a “hold” rating to a “sell” rating in a research report on Wednesday, October 19th. Macquarie reaffirmed an “outperform” rating and issued a $8.00 target price (up previously from $7.00) on shares of Sprint Corp in a research report on Thursday, October 13th. Nomura reaffirmed a “neutral” rating and issued a $6.00 target price on shares of Sprint Corp in a research report on Saturday, October 22nd. Finally, Jefferies Group LLC reaffirmed an “outperform” rating and issued a $4.50 target price (up previously from $2.50) on shares of Sprint Corp in a research report on Wednesday, October 26th. Ten research analysts have rated the stock with a sell rating, thirteen have given a hold rating and three have given a buy rating to the company’s stock. Sprint Corp has a consensus rating of “Hold” and an average target price of $5.22.

In other Sprint Corp news, VP Paul W. Schieber, Jr. sold 52,375 shares of the firm’s stock in a transaction dated Monday, November 14th. The shares were sold at an average price of $7.36, for a total transaction of $385,480.00. Following the completion of the transaction, the vice president now owns 205,808 shares in the company, valued at $1,514,746.88. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Roger Sole-Rafols sold 49,844 shares of the firm’s stock in a transaction dated Wednesday, November 16th. The stock was sold at an average price of $7.53, for a total transaction of $375,325.32. Following the transaction, the insider now owns 1,516,241 shares of the company’s stock, valued at approximately $11,417,294.73. The disclosure for this sale can be found here. 0.18% of the stock is owned by company insiders.

Sprint Corp Company Profile

Sprint Corporation (Sprint) is a holding company. The Company, along with its subsidiaries, is a communications company offering a range of wireless and wireline communications products and services that are designed to meet the needs of consumers, businesses, government subscribers and resellers. It operates through two segments: Wireless and Wireline.

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